Bitcoin ETF Inflows Reach $3.1 Billion as Market Sentiment Cools
Bitcoin ETFs have continued their streak of net inflows, reaching $3.1 billion over nine trading days. This momentum has been driven by institutional and retail demand for the asset, despite a slight cooling in market sentiment.
The current run of inflows is notable, with US spot Bitcoin ETFs pulling in $66.2 million on Tuesday alone. This brings the total net inflows to approximately $1 billion so far this year, according to SoSoValue data.
However, not all crypto ETF products are following suit. Spot Ether and Zcash ETFs have seen a reversal in their recent trend, with net outflows recorded on Tuesday after several days of inflows. This divergence suggests that investors may be prioritizing BTC's role in the 'core' part of crypto portfolios for now.
Market sentiment has also cooled slightly, with Alternative's Crypto Fear & Greed Index slipping to 71, indicating a shift from 'extreme greed' to 'greed'. This could indicate that macro variables are exerting pressure on non-yielding assets, making it harder for Bitcoin to sustain its upside momentum.